Fortis (TSE:FTS) Price Target Raised to C$56.00 at National Bankshares

Fortis (TSE:FTS) had its price target upped by equities research analysts at National Bankshares from C$55.00 to C$56.00 in a research note issued on Thursday, BayStreet.CA reports. The firm presently has a “sector perform” rating on the stock. National Bankshares’ target price indicates a potential downside of 3.73% from the stock’s previous close.

A number of other analysts have also issued reports on the stock. Wells Fargo & Company increased their price target on shares of Fortis from C$56.00 to C$59.00 in a research report on Wednesday, May 8th. BMO Capital Markets boosted their target price on shares of Fortis from C$58.50 to C$59.00 in a research report on Thursday. Raymond James boosted their target price on shares of Fortis from C$59.00 to C$61.00 and gave the stock an “outperform” rating in a research report on Thursday. JPMorgan Chase & Co. boosted their target price on shares of Fortis from C$52.00 to C$53.00 in a research report on Thursday, July 25th. Finally, CIBC boosted their target price on shares of Fortis from C$57.00 to C$59.00 and gave the stock a “neutral” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of C$58.17.

Fortis Stock Up 0.8 %

Shares of TSE FTS traded up C$0.45 during mid-day trading on Thursday, reaching C$58.17. The company had a trading volume of 412,684 shares, compared to its average volume of 1,593,406. The stock has a fifty day moving average of C$54.39 and a two-hundred day moving average of C$53.91. The company has a debt-to-equity ratio of 128.89, a quick ratio of 0.36 and a current ratio of 0.60. The company has a market capitalization of C$28.68 billion, a price-to-earnings ratio of 18.59, a PEG ratio of 2.80 and a beta of 0.18. Fortis has a 12-month low of C$49.82 and a 12-month high of C$58.25.

Fortis (TSE:FTS) last posted its quarterly earnings results on Wednesday, May 1st. The company reported C$0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$0.89 by C$0.04. The business had revenue of C$3.12 billion during the quarter, compared to analyst estimates of C$3.34 billion. Fortis had a net margin of 14.11% and a return on equity of 7.38%. As a group, equities research analysts expect that Fortis will post 3.2075145 EPS for the current year.

Insider Transactions at Fortis

In other news, Senior Officer James Reid acquired 700 shares of Fortis stock in a transaction dated Wednesday, June 19th. The stock was acquired at an average cost of C$52.37 per share, for a total transaction of C$36,659.00. 0.04% of the stock is owned by corporate insiders.

About Fortis

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.